Blockchain technology analytics

In this age of the Internet of Things , the need for businesses to make data driven decisions has become critical. The amount of consumer data available for analysis continues to grow exponentially, creating more opportunities for businesses to tap into it. Effective use of big data means better decision making and hence business profitability and growth. According to a report by EY, the robust growth in big data is disrupting the way businesses compete and operate. Businesses that are able to derive value from their data are emerging as leaders in their industries while those that do not are finding themselves being pushed to obsolescence.

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Content:

• Diffusion of blockchain technology: Insights from academic literature and social media analytics
• Big Data and Blockchain Analytics - Is that a Perfect Match?
• How Blockchain & Big Data Can Benefit From Each Other
• Big Data Analytics, Artificial Intelligence, Bots for Process Automation & Blockchain
• Crystal Blockchain
• Blockchain Technology - Global Market Trajectory & Analytics

WATCH RELATED VIDEO: Blockchain and Data Analytics

Diffusion of blockchain technology: Insights from academic literature and social media analytics

In this age of the Internet of Things , the need for businesses to make data driven decisions has become critical. The amount of consumer data available for analysis continues to grow exponentially, creating more opportunities for businesses to tap into it.

Effective use of big data means better decision making and hence business profitability and growth. According to a report by EY, the robust growth in big data is disrupting the way businesses compete and operate. Businesses that are able to derive value from their data are emerging as leaders in their industries while those that do not are finding themselves being pushed to obsolescence.

As Geoffrey Moore, the famous American organizational theorist, author and management consultant puts it, without big data, companies are blind and deaf, wandering out into the web like a deer on a freeway.

But is every business utilizing big data today? The answer is no! While most Fortune companies have a big data strategy in place, the majority of small and medium enterprises do not.

This is because implementing an effective big data strategy requires specialized skills and expensive software the majority of these businesses cannot afford. However, with the blockchain technology , businesses will now be able to leverage big data analytics without having to worry about cost or complexity. But before we discuss how blockchain is enabling businesses to implement big data strategies effectively and at low costs, let us first look at the relationship between the blockchain technology and big data.

The blockchain technology involves an immutable public ledger where transactions can automatically be verified and information stored securely hence eliminating the need for intermediaries.

According to VentureBeat , the application of the blockchain technology in big data and analytics makes it possible to turn insights and questions into assets.

Apart from guaranteeing data security and accuracy, blockchain minimizes costs through the decentralization of data storage. But how does blockchain help small and medium enterprises with limited budgets take advantage of big data and analytics?

The answer to this question lies in the decentralization of the process. Blockchain platforms powered by AI and Machine Learning are providing an avenue where businesses can access high-quality data and insights at a low cost and without having to buy complicated software or hire data scientists. Through these platforms, consumers and data providers can securely allow access to their data and in return get rewarded in cryptocurrencies.

Endor , a blockchain platform developed by MIT engineers, is a good example of how AI and blockchain are interacting to improve big data analytics. To make this happen, Endor has introduced a new Social Physics Technology, where machines and scientific data can integrate to predict social issues. Social Physics is a scientific discipline that utilizes large data, data analysis and the mathematics of human psychology and biology to understand human behavior.

Consumers who share their data with the Endor platform are paid in EDRs which can be converted into other cryptocurrencies or fiat currencies. Another up-and-coming blockchain project is also bent on shaping the way small businesses process and utilize big data.

Slated to be launched in the MCW , Wibson will let users and consumers sell their data directly to advertisers; creating a system in which small businesses can pinpoint their audiences with surgical precision and target an already engaged userbase. As the blockchain technology continues to gain acceptance in mainstream institutions, its roles in big data analytics are bound to become more pronounced.

This is therefore the best time for small and medium enterprises to start utilizing the available options and for investors to get in the game. All rights reserved. Share on Flipboard. Share on BizSugar. Email this Article. Introducing Big Data Blockchain However, with the blockchain technology , businesses will now be able to leverage big data analytics without having to worry about cost or complexity. Itai Elizur. Itai has worked with some of the biggest tech companies in Israel, helping them develop and optimize large-scale user acquisition strategies through content, brand messaging and marketing automation.

Aira Bongco February 20, at pm.

Big Data and Blockchain Analytics - Is that a Perfect Match?

Not so long ago, a consortium of 47 Japanese banks teamed up with a company called Ripple to facilitate cash transfers between bank accounts through blockchain. The main reason for the move was to enable real-time transfers at a very low cost. One of the reasons why traditional real-time transfers were expensive was in the potential risk factors. Dual issues a form of transaction failure that uses the same security token twice are a real problem in real-time transfers. Blockchain technology largely avoids this risk. Big Data Analytics makes it possible to identify patterns of consumer spending and to identify risky transactions much faster than current technology. This can significantly reduce the cost of real-time transactions.

How Blockchain & Big Data Can Benefit From Each Other

Big data is the term used for extremely large data sets that can be analysed computationally to reveal patterns, trends, and associations, especially relating to human behaviour and interactions. To meet the challenge, new forms of processing are popping up more and more, to exploit the riches of bringing huge datasets together and drawing insights from them. Big data is really a sign of the changing times, where data is generated faster and more frequently every day:. Imagine for a minute the hordes of data a single hospital department could hold on its patients and staff members. Big data projects are typically run by large corporations that have huge volumes of transactions and commercial traffic, the likes of FANG Facebook, Apple, Netflix, Google , for example. But the benefits of consolidating and analysing huge sets of data are not just for the corporate elites. Any business that would benefit from mass trends on data, like the best times to advertise to certain demographics on social media for example , can benefit from buying big data analysis externally. The simple reality is the larger the data set, the more accurate trends and predictions you can model. Artificial Intelligence AI sounds super fancy, and encompasses a range of complex technologies like machines learning, deep learning, predictive analytics and NLP. At its most basic, AI is the ability for a machine or computer program to think and learn, based on the idea of building machines capable of thinking, acting and learning like humans.

Big Data Analytics, Artificial Intelligence, Bots for Process Automation & Blockchain

To put it simply, blockchain is a virtual system that keeps track of transactions across a peer-to-peer network.. It essentially acts as a digital ledger where contracts and financial transactions can be documented and settled once complete. Blockchain technology is an excellent solution for recording and modifying smart contracts — which are a highly recognized solution for saving time and money in construction. All parties involved in a build can set parameters around the project and use blockchain as a centralized tracking system that enforces rules, regulations, penalties, etc.

Crystal Blockchain

A blockchain is a type of data store that stores anything of digital value. Each new transaction is stored in a block that gets added to a chain of existing records. A typical blockchain duplicates data across an open network so all parties in the blockchain see updates simultaneously, and all updates are validated through a public verification process that ensures accuracy without the need for a central authority, like a bank. The technology behind blockchain data stores and workflows has been around since the s. Bitcoin was the first full blockchain implementation.

Blockchain Technology - Global Market Trajectory & Analytics

Business Intelligence tools can therefore also be seen as part of a business strategy, specifically a shift from instinctive decision making to a data-driven approach. With the rise of enterprise blockchains, many of the business processes which were previously done on paper can now be done on decentralized ledgers. Blockchain technology is not only used by firms dealing with cryptocurrency investment and financing but also insurance agencies, banking and other fintech services, logistics companies handling large scale supply chains, and even electronic certificate or document verification services. As a result of this further digitization of business processes through blockchain, the volume of data available for analysis will increase profoundly. All enterprises working with blockchains can benefit significantly by tracking the metrics through Business Intelligence tools. These visualizations can go a long way into understanding their business, along with blockchain specific topics such as for example demand and supply of certain digital tokens or the transactions on a permissioned consortium network. In fact, OLAP is an answer to multi dimensional analytical queries.

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Blockchain is one of the technologies that can support digital transformation in industries in many aspects. This sophisticated technology can provide a decentralized, transparent, and secure environment for organizations and businesses. This review article discusses the adoption of blockchain in the ports and shipping industry to support digital transformation. It also explores the integration of this technology into the current ports and shipping ecosystem. Besides, the study highlighted the situation of the supply chains management in ports and shipping domain as a case study in this field.

Springer Professional. Back to the search result list. Table of Contents. Hint Swipe to navigate through the chapters of this book Close hint. Abstract Opinion data collection is one of the most important forms of data analysis to understand and gain more insight about the trending information related to any domain or technology.

Blockchains have sparked great enthusiasm from the data science community who believes this technology will be THE solution to data authenticity, data privacy protection, data quality guarantee, smooth data access and real time analysis [1], [2]. Data being considered as the new digital oil, data science and blockchain seem to be the perfect match [3]. So, blockchain provides security and reliability of the manipulated data.